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zero, is if the government deficit is big enough to more than offset the trade deficit. if the u.s. is running trade deficits on the order of 4.5% of gdp, the government deficit has to be at least 4.5% of gdp, or the private sector will fall below zero. every single time. here is the cbo forecast. this is what is projected to happen to the government deficit if we hit the cliff. this is the alternative scenario. if we hit the cliff, the projection is that the government deficit will shrink to around 2% of gdp. deficits of 2% of gdp, together with trade deficits of 4.5%, in the private sector is by definition going to be in the negative. we are going to be running a deficit. here is the same image flipped over. it is the mirror image of that. it says that if the government reduces its deficit, it is reducing the surplus to the non-government sector. you have to be able to put these things in context. why does it matter? what difference does it make if the private sector is in surplus or deficit? it turns out it makes a big difference. p the private sector budget balance is shown her
the time about what we are going to find wasteful spending. this is a chart, the u.s. debt clock, and viewers can see it, you can look into the cameras with viewers. the u.s. national debt, $16 trillion and counting. also, as you look at that, you look at $3.5 trillion in spending this last fiscal year. you talk about programs you can cut, but it is clear the three biggest drivers are medicare, social security, and defense, six out of 10 federal dollars. what are the tough choices that you are willing to make when it comes to prioritizing cuts in benefits or defense, because it is clear that the only three areas you can make substantive differences, and for the tea party, the people who put you in office, state how you would make the tough choices. where do you cut? >> you included the overseas contingency operations. now we are now out of iraq, that does not count. my opponent said he would not support. cut the defense budget over the next 10 years. it is the sequestration that i am against. 62% of the budget is net interest on the debt. one of the things, stop with a payroll ta
commander catholic war veterans of the u.s.a. william meeks, secretary vietnam veterans of america. john hamilton commander in chief foreign wars of the united states. national commander am vets. sam hunt blinded veterans association. john national commander army and navy union of the u.s.a. national commander non-commissioned officers, national commander the american legion, national commander military order of the purple heart of the u.s.a., national president fleet southeast reve association, national come dant marine corps league. national president military chaplains association, national president particle liesed veterans of america, national commander legion of valor of the u.s.a., commander and chief military order of the world wars, president national association for uniform services, the associate members of the committee are located in the boxes to my left. i'd like to ask the presidents and national commappeders of our associate members to be recognized. ladies and gentlemen please recognize our veterans national leadership with your applause. [applause] it is now my pleasure
in wisconsin. >> tim kaine defeated george allen for u.s. senate seat in virginia perce qe152% of the vote according to the associated -- virginia. he won an 52 some of the vote according to the associated press. [cheers and applause] >> wow. what a crowd. it is -- thank you all so much. thank you all so much. it is a great night to be a virginian. [cheers and applause] in 2008, -- [chanting "tim kaine"] thank you. what a great crowd. you know, in 2008, virginia made some wonderful history by sending a fiscally responsible former governor to the united states senate in helping to put barack obama in the white house. [cheers and applause] well, the night is still young, but thanks to you, we are already halfway there to doing it again tonight. [cheers and applause] actually, we are more than halfway there. nbc just called the presidential race. [cheers and applause] [frenzied cheers and applause] four more years. thanks for sending that note up. so -- geez. that was great. [cheers and applause] so, we still, i guess, have a little bit to find out how the va number goes. nbc called the natio
will not just represent one party. i will represent one nation. >> u.s.a.! u.s.a.! u.s.a.! as you know, throughout this campaign, president obama has tried to convince you these last four years have been a success. he is floating a plan for the next four years. you want to take all the things he did in his first term, the stimulus, the borrowing, obamacare, and all the rest, and try them all over again. but look, our big dreams will not be satisfied with a small agenda that has already failed. and yesterday, i imagine you already heard this, yesterday, president obama already asked this -- asked his supporters to vote for revenge. for revenge. instead, i ask the american people to vote for love of country. [applause] together, we have got to lead america to a better place. we are three days away from a fresh start. three days away from the first day of a new beginning. my condition is based on unshakable faith in the american spirit. does anyone worry the last four years are the best we can do? if there is anyone who fears the american dream is fading away, if there is anyone who wonde
billion when you combine the presidential campaign, the 35 u.s. senate races and the 34 races for the house of representatives. the president has 186 electoral college votes. 57 leaving. mitt romney has 36 states that lean mitt romney and 170 mitt romney electoral votes. caller: the question on the table is who we think is going to win and why. i believe president obama will be reelected. the tipping point will be the auto bailout. those people in ohio and michigan -- right now, the economy in ohio and michigan -- and i spend a lot of time in wisconsin -- they will be voting for obama because of that bailout. romney can pick up the democratic states, north carolina and florida. obama could lose the popular vote due to an increased amount of republican turnout this year and the effects of sandy and the northeast. it could hurt democratic turnout there. i solidly see an obama victory. host: the washington post is writing about myths about the electoral college. guest: the caller was right. states like new jersey and new york will not affect the electoral college. president obama
Search Results 0 to 5 of about 6